State and Local Government Accounting Principles. Chapter 2

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1 State and Local Government Accounting Principles Chapter 2

2 Learning Objectives Discuss major aspects of government financial reporting model Define fund and examine broad categories Identify MFBA found in financial statements Analyze effects of transactions Discuss budgetary accounting & reporting Understand fund categories and types of funds found in each category Understand basic financial reporting requirements

3 GASBS 34: Basis for Financial Reporting Issuance in 1999 marked a major change in governmental financial reporting Created dual perspective reporting: Government-wide financial statements, using accrual accounting Fund financial statements, using other bases of accounting

4 Basic Financial Statements: Overview Fund Financial Statements 7-8 Financial Statements Links [W orksheets] Government-wide Financial Statements 2 Financial Statements Governmental Funds Proprietary Funds Fiduciary Funds Reconciliations (Explanations) Governmental Activities Business-Type Activities Total Primary Government Notes to the Financial Statements

5 Minimum Requirements for External Financial Reporting: The GASB s View Management's discussion and analysis Government-wide financial statements Fund financial statements Notes to the financial statements Required supplementary information (other than MD&A)

6 Fundamentals of SLG Accounting & Financial Reporting 1. GAAP & legal compliance 2. Fund accounting 3. Fund categories 4. Types of funds 5. Comparative financial statement formats 6. Annual financial reporting

7 GAAP & Legal Compliance GAAP Reporting Ensures that the financial reports of all SLGs contain the same types of financial statements and disclosures for the same types of funds and activities Requires full disclosure

8 GAAP & Legal Compliance (continued) Legal Compliance Ranges from simple to complex requirements May be simple if budgeting on a GAAP basis More complex if cash or encumbrance budgeting is required Identifying the budgetary basis is key

9 GAAP & Legal Compliance (continued) Reconciling GAAP & legal requirements Maintain budgetary accounting control during the year Clearly distinguish between budgetary basis from GAAP basis Prepare statements and schedules using both bases and reconcile differences

10 GAAP Requirements Trying to assure comparability among and between governments Full disclosure may result in much more information than adequate disclosure required by FASB

11 Fund Accounting Most distinctive feature of governmental accounting Use of fund accounting allows for Proper accounting controls Demonstrating compliance Must understand fund structure, fund model, and interrelationships between funds

12 Definition of a fund Independent accounting entity with a self-balancing set of accounts Similar to a business accounting entity Business entity captures all reported attributes for the entire business and all its transactions Fund captures all reported attributes of a portion of the government s activities and resources accounted for in that fund

13 Fund Categories Proprietary Funds Governmental Funds Nonfund accounts Fiduciary Funds

14 Proprietary Funds Similar to accounting for businesses Accounting measures net assets, changes in net assets, and cash flows Accounting equation: Current Assets + Capital Assets Current + Long-term = Liabilities Net Assets

15 Proprietary Funds MFBA Measurement focus (MF) Economic resources Financial statement recognition of all assets and all liabilities Basis of Accounting (BA) Accrual Recognize revenues when earned and expenses when incurred

16 Governmental Funds Used to account for sources, uses, and balances of general government financial resources Funds represent segregations of general government net financial assets Accounting equation: Financial Assets Related Liabilities = Fund Balance

17 Governmental Funds: Accounting Equation Terms Financial Assets refers primarily to cash, investments, and receivables Related Liabilities related to the current year and normally paid for available current financial resources Fund Balance net financial assets of fund the difference in financial assets and related liabilities

18 Governmental Funds MFBA Measurement focus current financial resources Basis of accounting modified accrual

19 Governmental Funds: Recognition Criteria Revenues Earned during or levied for the period Objectively measurable Collected in period or soon enough thereafter (usually 60 days) to pay liabilities incurred for expenditures of the period

20 Governmental Funds: Recognition Criteria Expenditures When operating or capital outlay liabilities to be paid currently from governmental funds are incurred When debt service (principal and interest) payments on long-term liabilities are due

21 Expenditure / Expense Comparison Operating Expenditures (net financial assets expended) Salaries, supplies, utilities, etc. Expenses (cost of goods or services used) Salaries, supplies, utilities, etc. Capital Outlay Acquisition Depreciation Debt Service Principal & Interest Interest

22 Nonfund Accounts: General Capital Assets Capital assets used in general government activities Not assets of any fund but of the governmental unit as a whole Inclusion in governmental fund financial statements would increase fund balance and could mislead users

23 Nonfund Accounts: General Long-term Liabilities Secured by the general credit and revenue-raising powers of the government Unmatured principal does not require current appropriation and expenditure of fund financial resources If included as governmental fund liability would be misleading and dysfunctional to current period management control

24 Nonfund Accounts: Accounting Equation General Capital Assets (GCA) Unmatured General Long-Term Liabilities (GLTL) = Net Assets (NA)

25 Fiduciary Funds Accounts for assets held by government in trustee or agency capacity for others Not used to report assets held for government s own use

26 Fiduciary Funds MFBA Measurement focus economic resources Basis of accounting accrual

27 Categories and Types of Funds GOVERNMENTAL FUNDS General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Permanent Funds PROPRIETARY FUNDS Enterprise Funds Internal Service Funds FIDUCIARY FUNDS Pension Trust Funds Investment Trust Funds Agency Funds Private Purpose Trust Funds

28 Types of Proprietary Funds Enterprise Funds customers are usually the general public (as well as businesses and other entities besides the government s own departments or agencies (Chapter 10) Internal Service Funds customers are predominantly other departments or agencies of the government (Chapter 11)

29 Types of Governmental Funds General Fund used to account for all financial resources except those required to be accounted for in another fund (Chapters 3 6) Special Revenue Funds used to account for the proceeds of specific revenue sources that are legally restricted to expenditure for specified purposes (Chapters 3 6)

30 Types of Governmental Funds (continued) Capital Projects Funds used to account for financial resources that are used to acquire or construct major general capital assets or facilities. (Chapter 7) Debt Service Funds used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest. (Chapter 8)

31 Types of Governmental Funds (concluded) Permanent Funds used to account for resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government s programs

32 Types of Fiduciary Funds Pension (and other employee benefit) Trust Funds established to account for resources that are required to be held in trust for the members and beneficiaries of defined benefit pension plans, defined contribution plans, other postemployment benefit plans, and other employee benefit plans.

33 Types of Fiduciary Funds (continued) Investment Trust Funds used to account for the external portion of investment pools held by the sponsoring government. Private-Purpose Trust Funds used to account for all other trust arrangements under which principal and/or income benefit individuals or groups outside the government.

34 Types of Fiduciary Funds (concluded) Agency Funds established to account for resources held in a purely custodial capacity for others. All Fiduciary Funds are discussed in Chapter 12

35 Interfund Transactions Interfund loans Interfund services provided and used Interfund reimbursements Interfund transfers Of particular interest here are loans and transfers

36 Loans Amounts provided by one fund to another with a requirement for repayment Affects only balance sheet accounts Transfers Flows of assets from one fund to another with no requirement for repayment Affects balance sheet and operating statement accounts

37 Comparative Operating Statements Proprietary Funds Accrual-based Must distinguish between operating and nonoperating revenues and expenses Separate reporting for capital contributions, special & extraordinary items, and transfers Change in Net Assets Governmental Funds Modified accrual-based Report revenues by source and expenditures by character Other Financing Sources and Uses for other resource flows, including transfers Special & extraordinary items reported separately Change in Fund Balance

38 Comparative Balance Sheets Proprietary Funds Current and Noncurrent Assets Current and Noncurrent Liabilities Net Assets Governmental Funds Financial Assets Related Liabilities Fund Balance

39 Annual Financial Reporting Comprehensive Annual Financial Report (CAFR) Should be prepared for all governmental entities Sections include: Introductory little GAAP for this section Financial most GASB standards apply to this section Statistical see recently issued GASBS 44

40 Annual Financial Reporting MD&A Government- Wide Financial Statements BFS MEFR CAFR Major Fund & CU Financial Statements Notes Other RSI Nonmajor Fund Combining Financial Statements Individual Fund Financial Statements & Schedules Transaction Data (the accounting system) CAFR--Comprehensive Annual Financial Report BFS--Basic Financial Statements MEFR--Minimum External Financial Reporting C Copyright 2001, G. Robert Smith, Jr.

41 Annual Financial Reporting Minimum reporting requirements Management s Discussion & Analysis Basic Financial Statements Government-wide financial statements Fund financial statements Notes to the financial statements Required supplementary information other than MD&A

42 Annual Financial Reporting Financial Reporting Entity consists of Primary government (PG) Organizations for which the PG is financially accountable Other organizations whose omission would cause financial statements to be misleading or incomplete

43 Annual Financial Reporting Government-wide financial statements should include separate columns for Governmental Activities, Business-Type Activities, Total column for PG, and discretely presented component units

44 Annual Financial Reporting Management s Discussion & Analysis Brief discussion of financial statements Condensed government-wide financial information Analysis of position & results of operations Analysis of individual funds Budget analysis Significant capital assets and LTL events Modified approach Description of currently known facts

45 Annual Financial Reporting Fund Financial Statements include major funds individually and nonmajor funds in the aggregate. Fiduciary fund statements are not included in the basic financial statements.

46 Annual Financial Reporting Financial Reporting Entity Nucleus is the PG Other activities include: Discretely presented component units Blended component units Joint ventures Jointly governed organizations Related organizations

47 Annual Financial Reporting Government-wide Financial Statements Statement of Net Assets Statement of Activities

48 Annual Financial Reporting Governmental Fund Statements (Schedules) Balance Sheet Statement or Revenues, Expenditures, & Changes in Fund Balance Statement or Revenues, Expenditures, & Changes in Fund Balance Budget-to- Actual (may be either BFS or RSI)

49 Annual Financial Reporting Proprietary Fund Statements Statement of Net Assets / Balance Sheet Statement of Revenues, Expenses, & Changes in Net Assets Statement of Cash Flows

50 Annual Financial Reporting Fiduciary Fund Financial Statements Statement of Fiduciary Fund Net Assets Statement of Changes in Fiduciary Fund Net Assets

51 Preparation Process: Step 1 Transaction Data Start with the transaction data the basic building blocks for everything in the Comprehensive Annual Financial Report (CAFR),

52 Preparation Process: Step 2 Transaction Data 1 Individual Fund Statements Schedules From the transaction data, prepare the individual fund financial statements and schedules. Also, some of the transaction data will be used later in the CAFR preparation process.

53 Preparation Process: Step 3 Transaction Data Individual Fund Statements Major Fund Determination 2 Determine the major funds (this process will be discussed later). Also, information from the individual fund statements and schedules will be used later in the process. Schedules 3 1

54 Preparation Process: Step 4 Non-Major Fund Combining Statements Individual Fund Statements Major Fund Determination Transaction Data 2 Major Fund Statements 1 Schedules 3 Once the major funds have been determined, the non-major fund combining statements can be prepared. The total column from these statements becomes a single column in the major fund statements along with a separate column for each major fund.

55 Preparation Process: Step 5 Non-Major Fund Combining Statements Individual Fund Statements Major Fund Determination Transaction Data 2 Major Fund Statements Conversion Process Schedules 3 CU Statements Govt.-wide Statements 1 The major funds statements undergo a conversion process and are combined with the component units financial statements to complete the government-wide statements.

56 Preparation Process: Step 6 Non-Major Fund Combining Statements 3 Individual Fund Statements Major Fund Determination 2 Notes Transaction Data 2 Major Fund Statements Conversion Process Schedules 3 CU Statements Govt.-wide Statements 1 Information from all the financial statements and the schedules are used to prepare the notes to the financial statements. This process completes the Basic Financial Statements (BFS).

57 Preparation Process: Step 7 1 Non-Major Fund Combining Statements 3 Other RSI Individual Fund Statements Major Fund Determination 2 Notes Transaction Data 2 Major Fund Statements Conversion Process MD&A 1 Schedules 3 CU Statements Information from the transaction data, individual fund statements, and schedules are used to complete the Other RSI. Then information from all sources combine to provide data for the MD&A. Govt.-wide Statements Budget Personnel Dept. Heads Program Managers

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